AXA announced today that it had completed the sale of its wrap platform business ‘Elevate’ to Standard Life plc, and of its (non-platform) investment, pensions and direct protection (‘Sunlife’) businesses to Phoenix Group Holdings. This follows the announcement made on 21 October for the closing of the UK offshore investment bonds business (‘AXA Isle of Man’) disposal. AXA UK Property & Casualty, Health and Asset Management (‘Architas’) operations are not part of these transactions.
AXA announced today that it had completed the sale of its offshore investment bonds business based in the Isle of Man (“AXA Isle of Man”) to Life Company Consolidation Group (LCCG).
AXA also announced that it had signed an agreement with LCCG for the disposal of AXA Life Europe Limited’s Offshore Investment Bonds business (Euro 2.2 million revenues in 2015), which was distributed and administrated by AXA Isle of Man. Completion of the transaction is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to occur in early 2017. The parties agreed not to disclose the terms and conditions of the transaction.
AXA UK has announced that following a review of the UK life and savings market, it will be selling the AXA Wealth business, believing it could be even more successful with organisations that have a stronger strategic focus on the life and savings market.
The business will be sold in three parts:
AXA Wealth continues to operate as usual. Right now this doesn’t affect individual investors, or any of your investments. So there’s no need to worry and there is nothing you need to do at this time. We remain focused on ensuring that continuity of service is maintained until the various sales complete. Making sure our customers get the most from their investment opportunities.
The various sales are fairly complex and subject to certain conditions, including regulatory approvals, and we expect these to complete by Q4 2016.
AXA to sell its offshore investment bonds business in UK to Life Company Consolidation Group
Agreement to sell AXA’s UK Life & Savings businesses
Agreement to sell AXA Wealth's investment, pension and direct protection businesses in the UK to Phoenix Group Holdings
If you have a financial adviser then they’ll keep you informed as further details become available.
If you don’t have a financial adviser then we’ll post any new information on our website, and will write to you if there’s anything important you need to know. If you have any questions you’d like to ask in the meantime, then please contact us.
website includes products and services from the following companies: AXA Wealth Services Limited (No.
02238458) and AXA Wealth Limited (No. 01225468). Both these companies are
registered in England and limited by shares.
Details of the companies offering specific products are
shown in the product literature.
Wealth’ and ‘SunLife’ (comprising of the companies Winterthur Life UK Holdings
Limited, AXA Wealth Services Limited, AXA Wealth Limited, AXA Trustee Services
Limited and AXA Sun Life Direct Limited) have been acquired by Pearl Life
Holdings Limited (and now form part of the Phoenix Group -
www.phoenixgroup.com). ‘AXA’ and ‘WINTERTHUR’ are trademarks that are owned by
AXA SA and will be used for a short period under a licence granted by AXA SA to
the Phoenix Group.
Pearl Life Holdings Limited is registered in
England (4560778) at 1 Wythall Green Way, Wythall, Birmingham B47 6WG. As part
of Phoenix Group AXA Wealth Limited will continue to be authorised by the
Prudential Regulation Authority and regulated by the Prudential Regulation
Authority and the Financial Conduct Authority; AXA Wealth Services Limited will
continue to be regulated by the Financial Conduct Authority. Their registered
office is 1 Wythall Green Way, Wythall, Birmingham B47 6WG.